House Votes to Terminate Emergency Mortgage Relief Program

On Friday, March 11th, 2011, the House voted 242-177 to rescind the Emergency Mortgage Relief Program with HR 830, which was authorized by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Rescission of all unobligated funds of the program will save taxpayers $840 million, and reduce the federal debt by the same amount.

All Republicans voted for the measure except for Herrera-Buetler (WA-3) and LaTourette (OH-14). Eight Democrats joined the Republicans in support of the bill: Altmire (PA-4), Barrow (GA-12), Boren (OK-2), Cardoza (CA-18), Chandler (KY-6), Costa (CA-20), Holden (PA-17), and Schrader (OR-5).